Compliance checklist: one of the options below each item to be selected

A.

QUALITY AND INTEGRITY OF THE RATINGS PROCESS

1.

Specification and description of Rating Process and Criteria.

We have clearly specified and publicly available process and criteria for arriving at a rating

Our process and criteria are under preparation / available but not published

(Different statement, drafted by the agency)

Process and criteria not defined

2.

Published and explicit Ratings Review / Appeal Process

We have a structured review and appeal process

We have a process of review but not of appeal

(Different statement, drafted by the agency)

We do not have a process of review or appeal

3.

Policy on Rating Withdrawals

All assigned ratings are kept alive through their term

Ratings are withdrawn (suspended) only in extreme cases of information unavailability. In such cases the last date that the rating was updated and the fact that the rating is currently withdrawn is published in public domain

Ratings are withdrawn in cases of issuer non-cooperation

(Different statement, drafted by the agency)

4.

Policy on Disclosure of unaccepted ratings

We do not reveal unaccepted ratings under any circumstances

We reveal unaccepted ratings only to regulatory agencies

(Different statement, drafted by the agency)

5.

Policy on surveillance

Our rating surveillance is normally done _times a year

(Different statement, drafted by the agency)

We have no fixed policy on rating surveillance

6.

Policy on code of ethics of ratings agency and its staff

We have an explicit code of ethics signed and adopted by each member of the agency. The code of ethics is also available in public domain.

An explicit code of ethics exists and our employees are expected to follow it.

(Different statement, drafted by the agency)

We do not have a published code of ethics

7.

Validity of ratings

Our ratings are valid for the life of instrument or till withdrawn or changed. This fact is externally communicated.

(Different statement, drafted by the agency)

We have no clear statement of validity of ratings

8.

Publication on the Limitations of

1.

Rating Rigour

2.

formation adequacy

3.

Currency

We have a published document stating the limitations of our rating process

We do not have a published document stating the limitations of our rating process

9.

Assurance or guarantee of ratings

We do not, either implicitly or explicitly, give any assurance or guarantee of a particular rating prior to a rating assessment. This policy, however, does not preclude us from developing prospecting assessments used in structured finance andsimilar transactions.

(Different statement, drafted by the agency)

10.

Policy on Compliance Officer

We have policies and procedures that specify the role of a compliance officer and the officer's reporting lines andcompensation. Policies have also been instituted that encourage employees to report activities illegal, unethical, or in any way contrary to the CRA's code of conduct to the Compliance Officer.

We do not have a separate compliance officer or policy for reporting activities that are contrary to the CRA' code of conduct

(Different statement, drafted by the agency)

11.

Separation of analyst compensation and revenue from issuer

The compensation of individual analysts is not based on the amount of revenue that the CRA derives from the issuers that the analysts rate or with whom the analysts regularly interacts.

We have no policy on separation of analyst compensation and issuer revenue

(Different statement, drafted by the agency)

B.

CRA INDEPENDENCE AND AVOIDANCE OF CONFLICT OF INTEREST

12.

Published Policy on dependence on third parties:

1.

Auditors

2.

Trustees

3.

Consultants

4.

Experts

All information provided is taken at face value, we do not carry out any independent verification

Independent verification of information is carried out to the extent possible

(Different statement, drafted by the agency)

No policy on this issue

13.

Disclosure of Interests

For all rating assignments any conflict of interest that may exist at the organizational level is disclosed at the time of therating

(Different statement, drafted by the agency)

14.

Separation of businesses

We have legally and operationally separated our credit rating business and analysts from any other business that may have a potential for conflict of interest.

We have separated operationally but not legally our credit rating business and analysts from any other business that may have a potential for conflict of interest.

We have no separation of businesses

(Different statement, drafted by the agency)

15.

Disclosure of general nature of fee arrangements with rated entities

We disclose the general nature of fee arrangements with rated entities

We do not have any disclosure of the general nature of fees arrangements with rated entities

(Different statement, drafted by the agency)

16.

Disclosure of non-rating revenues from rated entities

We disclose non-rating fees as a proportion of total fees received from each rated entity

We do not disclose non-rating fees as a proportion of total fees received from each rated entity

(Different statement, drafted by the agency)

17.

Trading Policy for CRA employees

We maintain a trading policy for all our employees, which, amongst other things, prohibit employees from transacting in securities when they possess confidential information concerning the issuer.

We do not have any such trading policy.

(Different statement, drafted by the agency)

18.

Policy on employees directly involved in the rating process initiating, or participating in, discussions regarding fees or payments with the rated entity.

We have an explicit policy regarding exclusion of rating analysts from business development activities.

We do not have any such policy.

(Different statement, drafted by the agency)

* To be published on the website, corporate brochures, and handed over with every rating contract and to every employee of the company. Over and above that, it is the choice of the agency where it wants to publish this checklist.